As a seasoned crypto investor with a knack for reading between the lines of market trends and central bank decisions, I find myself intrigued by the recent surge in the odds of a 50-basis point Fed rate cut. Having weathered numerous market cycles, I’ve learned to trust my instincts but also keep a keen eye on expert opinions like Sean McNulty’s from Arbelos Markets.
There’s a significant increase, now at about 55%, in the likelihood predicted by a well-known betting platform powered by cryptocurrency (Polymarket) that the Federal Reserve will lower interest rates by more than anticipated, by 0.5 percentage points.
The Fed’s much-anticipated two-day meeting is going to get underway as soon as this Tuesday.
Despite the rapidly rising probability of an aggressive Fed rate cut, which would be beneficial for risk-on assets, the price of Bitcoin remains under bearish pressure.
The leading cryptocurrency is currently changing hands at $59,071, according to CoinGecko.
In March 2022, the Federal Reserve embarked on a series of significant increases in interest rates, raising them a total of 11 times. This action ultimately pushed the interest rate to its highest point in over twenty years.
Sean McNulty from Arbelos Markets advises market participants to closely watch the remarks of Federal Reserve Chair Jerome Powell in his forthcoming press conference. If Powell adopts a clearly dovish stance, it might cause an increase in the price of Bitcoin, as suggested by McNulty.
Additionally, there are several key central bank gatherings scheduled for this week. For example, the Bank of Japan is set to reveal its latest interest rate decision on Tuesday.
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2024-09-16 11:45